Payment order" means a payment instruction by a customer to a financialinstitution, transmitted orally, electronically, or in writing, to pay, or to cause anotherfinancial institution topay, afixed ordeterminable amount of money to a beneficiary.

PARTII

SCOPE OF ELECTRONIC FUNDTRANSFER

Coverage of electronic fund transfer

4. For purposes of these Guidelines, electronic fund transfer means fund transfers carried out through or by means of:

(a)

telegraphic transfer;

(b)

point-of-sale terminal;(c)stored value cardterminal;

(d)

cashdispensing machine;

(e)

cashdeposit machine;

(f)

telephonic instruments; or

(g)

debit card.

Exceptions to electronic fund transfer

5. Theterm�electronic fund transfer" in paragraph 4, does not include

(a)

any transactionorauthorisationservice whichdoes not directly result in a debit or credit to a customer's account; or

(b)

any automatic transferfroma savings accounttoa current account andvice versa pursuantto anagreement between a customer and a financial institution.

the telephonenumber and address of the department inchargeof electronic fundtransfers of the financialinstitution to be notified in theevent the customer believesthatan unauthorised electronic fund transferhas been or may be affected;

(c)

the customer's righttostop payment of a preauthorisedelectronic fund transfer and the conditions andprocedures to initiate such stop payment order;

(d)

informationrelating to lodgment of complaints, investigation and resolution procedures; and

(e)

the customer's right to receiverelevant documents inrelation to electronic fund transfers.

(5)

The instruction of acustomer to stop payment of a preauthorised electronic funds transferas mentioned under subparagraph (4) (c)shall operateimmediatelyunless agreedotherwise bythecustomer and financialinstitution whereby a date or time is predetermined.

(6)

Forthe purposes of this paragraph, �preauthorisedelectronic fundtransfer"means anypriorarrangement or agreement between acustomerand a financialinstitutiontoauthorise the financial institution to

(a)

makepayments to athird party out of thefunds standingin the account of the customer; or

(b)

transferfunds from one accountof the customertoanother account of thecustomer maintained with the financial institution or another financial institution.

Availability of the terms and conditions

7. A Financial institution shall make available copies of the standardterms andconditions in Dhivehiand English at its branches that provide electronic fund transfer services.

Changes in the terms and conditions

8. A financialinstitution may vary ormodifythe standardterms andconditions of anelectronic fund transfer in relation to

Duties of customer

directly or indirectlydisclose to any persontheaccess codeof his card or any electronic device usedtoeffect anelectronic fund transfer; or

(b)

fail to take reasonable care tokeepthe access code secret.

(2)

A financial institution is discharged fromany liability if it is proven that thecustomer has breached the dutyimposedby subparagraph (1).

(3)

A customer shall not beliable forlosses resulting froman unauthorisedtransaction occurringafter he has notified the financial institutionthathis cardhas been lost, misused, stolen or that the access code security has been breached.

(2) The acknowledgment need not bein writingprovidedthe financial institutionhas ameans by whicha customercanverify that he hadmadea notification and when suchnotification was made.

Liability incases of system or equipment malfunction

20. (1) A financial institution shall be liable to its customer-

(a)

for a losscaused bythe failure or anelectronic fundtransfersystem or equipment tocomplete atransactionaccepted by a terminal, in accordancewith the customer's instruction; or

(b)

for computing or bookkeeping errormade bythe financial institution.

(2) A financialinstitution shallinform a customer immediately through

(a)

notice at ATM, EFTPO5 or other electronic terminals;

(b)

notice at its branches; or

(c)

any other mode it deems suitable,

if itis aware that thesystem or equipment tocarry out electronic fund transferis not availableforuse or wherethereis a malfunction.

(3) Where thecustomer shouldhavebeen awarethatthe system orequipmentwas notavailable for use or malfunctioning, the financialinstitution's responsibilities are limited tothe correctionof any error inthecustomer's account,and the refundof any charges or fees imposed onthe customer for that transaction.

Discrepancy between money deposited and recorded

23. Wherethere is adiscrepancy betweentheamount recordedashavingbeen deposited at anelectronic terminalandthe amount recorded as havingbeen received, thefinancialinstitutionshall notify thecustomer of the differenceonthe next workingday and shall advise the actualamount which has beencredited tothe customer's account.

Shared arrangements

24. A financial institutionshall not avoid anyobligationtoits customer byreason only of the fact that itis a party toa sharedelectronic fund transfersystem, and thatanotherparty tothe system had failed to fulfill its obligations under these Guidelines.

Extension of time to settle complaint

Where a financialinstitutionis unable toresolve the complaint within15 days, itshallnotify the customerinwriting of theneedforan extension of time which shall notinany case exceed 30 days from thedatethe complaintis lodged.

(3)

A financialinstitution shall promptly advisethe customerof the outcomeof the investigation, togetherwithreasons for the outcome upon completion of its investigation.

Incorrectly credited or debited account

27. Whereas a result of the investigation of a complaint, a financial institution discovers that the customer's account has beenincorrectly credited or debited, thefinancialinstitutionwhere appropriate, shall -

(a)

makeadjustment to thecustomer's accountincludinginterest or charges; and

(b)

notify the customer in writing of theadjustments made tohis account.

Financial institution to provide information

28. Whereafinancial institution is of theview that the customer is liable forloss arising from anyloss,misuse,theftor unauthorised use of a card or breach of access code security -

(a)

the financial institution is to makeavailableto the customer, copiesof anydocuments or other evidence relevantto the outcomeof its investigation, includinginformation from the log of transactions; and

(b)

the financial institution is also torefer to thesystems logto establish whether there was any system orequipment malfunction at the time of the transactions,

and advise the customer in writing of the outcome of its inquiry.

Providedalways that the financial institutionwill notbe requiredto furnishany information that has adirectrelation to or impacts the security of the financial institution or its system.

Information and advice on appeal

29. (1) The complaintprocedure of a financialinstitution shallcontain information relating to

(a)

the rightof acustomer to appeal against the outcome of his complaint tothe seniormanagement of a financialinstitution; and

(b)

the right of acustomer to referthecomplaint to the Maldives Monetary Authority, or anyotherbody authorised by the Maldives Monetary Authority, if he is not satisfied with the outcome of his complaint.

(2) The financial institution shall make known ormake available the information in subparagraph (1) to a customer.

Breach of duties

30. Wherethe financial institution, its officers or agents appointedfail to observe the -

and where such failure prejudiced theoutcomeof the complaint or resulted in delayin its resolution, the financial institutionmay be liable forthe full amount of the transaction whichis the subject of the complaint.

Records of complaint

31. A financialinstitution shallkeep a recordof complaints andtheir resolutions, so that aggregate dataon thetype, frequency and resolution of suchcomplaints can be made available toMaldives MonetaryAuthorityor anyotherbody authorisedbythe Maldives Monetary Authority as and when required.

Noperson other than, anofficer of oragent appointedby, the financial institutionthatmaintains the account, or the customer, may have access throughanelectronic terminal toinformationrelatingtoelectronic fundtransfer, the affairs or an account of the customer.

(3)

Noelectronic terminal shallbe capable of providing any informationrelatingto an electronic fund transfer, the affairs or an account of a customer unless

the requestfor information is preceded by theentry of the correct customer's access code or card.

(4)

A financialinstitution shall not provide anyinformationrelating to anelectronic fund transfer, theaffairs or anaccount of a customer unless the information is provided -

(a)

pursuant to a legal duty or responsibility; or

(b)

with the consent of a customer.

(5)

The rules governing theoperation of individualaccounts willbe applicabletoElectronic FundTransfer in relation todisclosure of information to third parties.

Complaint Resolution

34. A customerwhois not satisfied with theoutcomeof a complaint made pursuant to theseGuidelines may referthe complaint to the Maldives Monetary Authority orto any other body authorised by the Maldives Monetary Authority.